David DERHAEG: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
David DERHAEG
Largest movements
- Receivables within one year +€133,467
up €133,467 (+29.6%), from €450,933 to €584,400
of which Other amounts receivable: +€123,446
- Current investments -€101,270
down €101,270 (-39.2%), from €258,314 to €157,043
- Cash +€42,667
up €42,667 (+21.9%), from €194,820 to €237,488
mainly Net result for the year (+€241,929) and Current investments (+€101,270)
- Other debts +€41,244
up €41,244 (+8.7%), from €474,138 to €515,382
- Reserves +€31,929
up €31,929 (+2.8%), from €1.1m to €1.2m
- Financial income -€38,362
down €38,362 (-55.7%), from €68,932 to €30,570
- Gross operating margin +€21,482
up €21,482 (+6.0%), from €357,626 to €379,108
- Financial charges -€19,697
down €19,697 (-54.3%), from €36,268 to €16,571
- Taxes +€7,795
up €7,795 (+7.5%), from €103,587 to €111,382
- Depreciation +€6,351
up €6,351 (+21.7%), from €29,252 to €35,603
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,671,518 | €1,737,424 | +€65,907 | +3.9% |
| Fixed assets | 21/28 | €758,427 | €747,939 | -€10,488 | -1.4% |
| Tangible fixed assets | 22/27 | €758,427 | €745,599 | -€12,828 | -1.7% |
| Land and buildings | 22 | €716,695 | €693,045 | -€23,650 | -3.3% |
| Furniture and vehicles | 24 | €41,732 | €52,555 | +€10,822 | +25.9% |
| Financial fixed assets | 28 | - | €2,340 | +€2,340 | |
| Current assets | 29/58 | €913,091 | €989,485 | +€76,394 | +8.4% |
| Amounts receivable within one year | 40/41 | €450,933 | €584,400 | +€133,467 | +29.6% |
| Trade receivables | 40 | €3,340 | €13,362 | +€10,021 | +300% |
| Other amounts receivable | 41 | €447,592 | €571,038 | +€123,446 | +27.6% |
| Current investments | 50/53 | €258,314 | €157,043 | -€101,270 | -39.2% |
| Cash at bank and in hand | 54/58 | €194,820 | €237,488 | +€42,667 | +21.9% |
| Deferred charges and accrued income | 490/1 | €9,024 | €10,554 | +€1,530 | +17.0% |
| Total equity and liabilities | 10/49 | €1,671,518 | €1,737,424 | +€65,907 | +3.9% |
| Equity | 10/15 | €1,162,708 | €1,194,637 | +€31,929 | +2.7% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €1,132,708 | €1,164,637 | +€31,929 | +2.8% |
| Distributable reserves | 133 | €1,132,708 | €1,164,637 | +€31,929 | +2.8% |
| Amounts payable | 17/49 | €508,810 | €542,787 | +€33,978 | +6.7% |
| Amounts payable within one year | 42/48 | €493,794 | €527,483 | +€33,689 | +6.8% |
| Trade debts | 44 | €6,111 | €5,025 | -€1,085 | -17.8% |
| Suppliers | 440/4 | €6,111 | €5,025 | -€1,085 | -17.8% |
| Taxes, remuneration and social security | 45 | €13,545 | €7,076 | -€6,470 | -47.8% |
| Taxes | 450/3 | €13,545 | €7,076 | -€6,470 | -47.8% |
| Other amounts payable | 47/48 | €474,138 | €515,382 | +€41,244 | +8.7% |
| Accrued charges and deferred income | 492/3 | €15,016 | €15,304 | +€288 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,252 | €35,603 | +€6,351 | +21.7% |
| Other operating charges | 640/8 | €4,272 | €4,194 | -€78 | -1.8% |
| Gross operating margin | 9900 | €357,626 | €379,108 | +€21,482 | +6.0% |
| Operating profit (loss) | 9901 | €324,103 | €339,312 | +€15,209 | +4.7% |
| Financial income | 75/76B | €68,932 | €30,570 | -€38,362 | -55.7% |
| Recurring financial income | 75 | €68,932 | €30,570 | -€38,362 | -55.7% |
| Financial charges | 65/66B | €36,268 | €16,571 | -€19,697 | -54.3% |
| Recurring financial charges | 65 | €36,268 | €16,571 | -€19,697 | -54.3% |
| Profit (loss) for the period before taxes | 9903 | €356,767 | €353,311 | -€3,455 | -1.0% |
| Income taxes | 67/77 | €103,587 | €111,382 | +€7,795 | +7.5% |
| Profit (loss) for the period | 9904 | €253,180 | €241,929 | -€11,250 | -4.4% |
| Profit (loss) for the period to be appropriated | 9905 | €253,180 | €241,929 | -€11,250 | -4.4% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.